Chinese Bank starts to carry out operations in yuan in Russia

Industrial and commercial Bank of China (ICBC) started to operate in Russia as a clearing bank for transactions in Chinese yuan, according to Xinhua news agency.

“In accordance with the agreements reached between the governments and central banks of both countries, a branch of ICBC in Moscow will effectively fulfil its obligations as a clearing bank for transactions in Chinese yuan... providing customers with safe, high-quality and convenient clearing services”, — the agency quotes the deputy head of ICBC, Hu Hao.

Hu Hao also noted that the launch of Russia's clearing service for transactions in yuan will further promote financial cooperation between the two countries.

As a reference, ICBC is the world’s largest bank by total assets and market capitalization as of February 2017.